AGI

You are only allowed to deduct your medical/dental expenses if the total paid is at least 10% of your Adjusted Gross Income (AGI) and you must itemize your deductions. However, if you or your spouse are 65 or older, your threshold is reduced to 7.5% to meet the deduction requirement. This deduction is the hardest […]

You would think that figuring your income that is subject to taxes would be easy. Unfortunately with our overly complex federal tax system the IRS has multiple definitions of income and it’s important to understand the difference between these because not only can it affect how much you pay in taxes, but also determines what […]